ASIC Mining Rig Manufacturer Canaan Reveals $100 Million Stock Buyback Program – Mining Bitcoin News


The appliance-specific built-in circuit (ASIC) producer Canaan has revealed the agency is providing a inventory buyback for as much as $100 million. Canaan’s chairman and CEO Nangeng Zhang highlighted in a U.S. Securities and Change Fee (SEC) submitting that the transfer was as a consequence of points with “latest worldwide frictions” and “home quarantine measures for Covid-19 management.”

Worldwide Battle and Covid-19 Lockdowns Push Canaan to Launch a $100 Million Inventory Buyback

On March 16, the bitcoin mining rig producer Canaan revealed a submitting with the SEC that explains the agency is initiating a inventory buyback value $100 million. Underneath the repurchase program, Canaan will buy American depositary shares that mirror Class A shares through open market transactions and privately negotiated transactions.

Canaan’s CEO Nangeng Zhang revealed why the corporate selected to proceed with a inventory buyback, highlighting worldwide battle and the present Covid-19 quarantines happening in China. Over the past two weeks, China has been coping with a Covid-19 outbreak, and Hangzhou, the sub-provincial metropolis the place Canaan is headquartered, has been on lockdown for over per week.

“We observed that the latest worldwide frictions, the home quarantine measures for Covid-19 management, and macro components throughout the capital market have adversely impacted our inventory efficiency,” Canaan’s CEO stated. “Given the robust fundamentals and money place of the corporate, we want to allocate further capital to drive worth for our shareholders.”

On the time of writing, Canaan’s shares are swapping for $4.64 per share after touching an all-time excessive worth on March 12, 2021, at $34.63 per share. Share-wise, Canaan’s shares noticed a big 86.60% drop in USD worth in simply over a yr. Following Canaan’s inventory buyback announcement, Canaan’s shares jumped 2.42% greater in worth.

“This new share repurchase program demonstrates our confidence within the firm’s long-term outlook,” Nangeng Zhang’s announcement concluded. “We stay dedicated to our diligent and agile operations, and imagine that we’re capable of overcome the challenges and make higher achievements.”

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Bitcoin, Bitcoin (BTC), Bitcoin mining, BTC, Canaan CEO, Canaan Miners, Canaan Shares, China, COVID-19, Worldwide Battle, Lockdowns, mining, mining rigs, Nangeng Zhang, Repurchase Shares, SHA256 miners, Shares Repurchase, Inventory Buyback, shares

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Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an energetic member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 5,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising right now.

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